Marcus & Millichap facilitated the sale of River Del Mar, a three-story, 24-unit apartment building in North Miami Beach for $4.15 million. The property was marketed exclusively by Nicholas McAndrew, Evan Kristol and Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office on behalf of the seller, a local LLC. A Florida-based private LLC purchased the asset with a nonrefundable deposit upon executing the contract and waiving his financing contingency due to limited inventory within South Florida’s marketplace creating competition amongst local and out-of area capital investors.
River Del Mar is comprised of 21 one bedroom apartments and three two bedroom units which underwent extensive renovations between 2007 – 2009 located off NE 19th Avenue less than 1 mile west from Biscayne Boulevard .
